Trending Cryptos ‘Time Has Come to Embrace Crypto,’ Says South Korea Stock Exchange Chief 3 years ago CryptoExpert [ad_1] Source: Adobe/hbrh South Korea’s securities exchange operator, the Korea Exchange (KRX), is “studying” ways to “embrace cryptoassets,” its Chairman has stated. According to Chosun and Seoul Shinmun, the KRX chief Sohn Byung-du told attendees at a financial conference that “it is time to explore how we can embrace cryptoassets.” Sohn added: “The cryptoasset market is no different from the capital market in that investor protection and transaction stability must be supported. It is time to study ways in which we can embrace cryptoassets using the experience and know-how [we have] accumulated in the [stock] market.” Sohn will likely have noted that stock trading is in danger of becoming dwarfed by crypto investment. Although a recent survey of “wealthy” South Koreans found that the majority of the richest people in the country still shun crypto in favor of shares, they are in danger of begin overrun by a rushing tide of younger (and older) crypto investors who feel there is no value to be found on the KRX and its KOSPI index. The Chairman conceded: “The number of users on the [ “big”] four domestic [crypto] exchanges has exceeded 5 million, and the daily trading value is [almost USD 12 billion], which is close to the daily trading value of the KOSPI. The time has come to prepare an institutional framework.” The Chairman’s comments come just over a year after the KRX stated that it would step up its monitoring of crypto-related stocks. That announcement came after a period of increased volatility for listed domestic companies with links to the crypto industry. The exchange has watched as the share prices of the likes of Vidente, a listed non-crypto firm that owns a minority stake in the Bithumb exchange, have soared along with rising crypto prices. The KRX will doubtless also have taken note of the fact that domestic crypto exchanges are eyeing initial public offerings elsewhere in the world. Lager crypto exchanges, market analysts say, are simply too big for the domestic exchange – and might instead look to follow in Coinbase’s steps by floating in New York. The Korea Exchange is the nation’s only securities exchange operator. Based in the southern port city of Busan, it also operates cash market and market oversight offices in the capital Seoul.____Learn more: – South Koreans Can Trade Crypto Tax-Free Until at Least 2023 as Delay ‘Virtualy Confirmed’- Crypto Investment Trends in 2022: Brace for More Institutions and Meme Manias – Half of Uniswap’s Liquidity Providers See Negative Returns, Study Claims- Most Cryptos Correlated with Stocks, Not with Gold – Analysts [ad_2] Source link Continue Reading Previous Crypto.com to Acquire Two Exchanges in First Half of 2022Next BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, LUNA, AVAX More Stories Trending Cryptos Bitcoin Price Slips Below $62,000 as Pre-Halving Momentum Stalls 3 months ago CryptoExpert Trending Cryptos Spot Bitcoin, Ethereum ETFs Approved in Hong Kong 3 months ago CryptoExpert Trending Cryptos FTX Founder Sam Bankman-Fried Appeals 25-Year Jail Sentence 4 months ago CryptoExpert Trending Cryptos ‘Provocative, Expansive, and Uncompromising’: How Saga Origins Aims to Shake Up Crypto Gaming 4 months ago CryptoExpert Trending Cryptos Dogwifhat Leads Solana Meme Coin Losses Amid Network Congestion 4 months ago CryptoExpert Trending Cryptos If the Bitcoin Halving Is Super Bullish, Why Does BTC Crash Shortly After? 4 months ago CryptoExpert Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment.